Times Square’s Flatotel sells for $180M, will be converted into condos

Feb 1, 2013

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The Flatotel, a 46-story Times Square hotel, has been sold for $180 million and will be converted into luxury condos.

Investors Joseph Chetrit and David Bistricer partnered to purchase the 135 West 52nd Street building from the Rockpoint Group, Atlas Capital Group and Procaccianti Group, who foreclosed on the 289-room hotel earlier this year.

The apartments will likely hit the market in about 18 months, Bistricer told Crain’s. The pricing for the condos has not been disclosed yet. In January, Chetrit and Bistricer also acquired the Sony building at 550 Madison Avenue for a staggering $1.1 billion, and they plan to convert the 37-story, 700,000-square-foot tower into premium apartments asking over $4,000 per square foot. That transaction will close in March.

“Of course Sony will be higher-end than what we do at Flatotel,” Bistricer told Crain’s. “But Flatotel will be for the luxury market as well.”